EUR/NZD may form a top

EUR/NZD may form a top

Trade idea

SELL 1.7190; TP 1.7005; SL 1.7220

Last week, EUR/NZD got rejected from the resistance at 1.7590 thus failing to reach new highs. This week, the pair fell below the June highs in the 1.7300 area. Moving Averages both on the weekly and the daily chart are horizontal and located well below the current price: this means that there’s scope for the euro to decline more before it reaches any support. As a result, downside targets are located at 1.7000 and the pair will arrive there if it slides below 1.7190 (200-period MA on H4), confirming the top.   

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Similar

USD/ZAR: there’s more to come

USD/ZAR is capable of more downside on the ongoing trade optimism and as the market’s view switches to the Federal Reserve’s meeting later this month.

Latest news

USD/ZAR: there’s more to come

USD/ZAR is capable of more downside on the ongoing trade optimism and as the market’s view switches to the Federal Reserve’s meeting later this month.

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